Key Points
- Donald Trump has reiterated his commitment to making the U.S the global hub for Bitcoin and crypto.
- Despite previous criticism, Trump has emerged as the only pro-Bitcoin presidential candidate.
Donald Trump, the Republican presidential nominee, recently reiterated his pledge to transform the U.S into the world’s hub for Bitcoin and crypto. This pledge was made during his speech at the Economic Club of New York. He stated, “Instead of attacking industries of the future, we will embrace them. Including making America the world’s capital for crypto and Bitcoin.”
This statement simply re-emphasizes a similar commitment that the former president made previously.
Trump’s Shift towards Bitcoin
While serving as President, Trump was a well-known critic of Bitcoin and other cryptocurrencies. He had previously referred to Bitcoin as a “disaster waiting to happen” and a “scam”. However, his stance shifted dramatically during his recent bid for the U.S presidency, positioning him as the only pro-Bitcoin presidential candidate.
A significant moment highlighting his pro-crypto stance was his appearance at the Bitcoin Conference in Nashville. Here, he announced a strategic national reserve for the asset. Furthermore, Trump’s family has been active in the crypto space, launching new DeFi projects with World Liberty Financial and ‘The Defiant Ones’ to make finance “great again”.
Despite mixed reactions to the family’s projects, Trump has managed to attract a considerable portion of the market. This is evident from the increased donations from crypto firms and individuals to Fairshake, a U.S pro-crypto super political action committee (PAC). Notably, top players like Coinbase and Ripple have donated to support pro-crypto candidates.
According to Polymarket, Trump’s odds of winning the election are still higher than Kamala Harris’s. At the time of writing, Trump led Harris by 7 points on the predictions site. However, political landscapes can change rapidly, and any new development can shift the balance.
Some market analysts, like Quinn Thompson from Lekker Capital, believe that if Trump wins the election, the current value of Bitcoin would be undervalued. He stated, “We are exactly two months away from the US election. Imagine how mis-priced so many assets are right now if Trump wins. 10yr sitting at 3.77%, Bitcoin at $57,000, and the commodity/energy complex trading in the dumps.”
